Apple (AAPL, Financial) is back in the bond game, raising $4.5 billion after nearly two years away. The company split the offering into four parts: $1.5 billion of 4% notes due in 2028, $1 billion of 4.2% notes due in 2030, another $1 billion of 4.5% notes due in 2032, and $1 billion of 4.75% notes due in 2035.

With about $8 billion in debt maturing between now and November, this move helps Apple spread out repayment timelines while locking in favorable rates. Investors jumped in fast. Orders hit $10 billion—more than twice the amount Apple was looking for.

That kind of demand shows investors are eager for strong names, especially now that bond spreads have narrowed by around 20 basis points since late April. That timing lines up with signs of a possible easing in U.S. tariffs, which may have helped credit conditions.

Even with over $200 billion in cash, Apple sees smart borrowing as a way to fund buybacks and dividends at a cost of just 4.5%—well below its average capital cost. That lets the company keep its cash pile intact for investments in services, wearables, and R&D.

The bond sale also comes shortly after Apple reported better-than-expected Q2 results, including $90 billion in revenue and a 14% jump in services. With services now nearly 20% of Apple's total revenue—and offering better margins than hardware—it makes sense the company is bolstering its flexibility.